Awesome!

The unemployment rate has hit double digits for the first time since 1983 — and is likely to go higher. The 10.2 percent jobless rate for October shows how weak the economy remains even though it is growing. The rising jobless rate could threaten the recovery if it saps consumers’ confidence and makes them more cautious about spending as the holiday season approaches.

The October unemployment rate — reflecting nearly 16 million jobless people — jumped from 9.8 percent in September, the Labor Department said Friday. The job losses occurred across most industries, from manufacturing and construction to retail and financial.

Economists say the unemployment rate could surpass 10.5 percent next year because employers are reluctant to hire.

I don’t believe in phenomena like “jobless recoveries”; eventually, all recoveries bring about an increase in jobs. Of course, the problem is that unemployment is traditionally a lagging indicator, which means that we have a long way to go before things get better.